Program (HAMP), which is designed to use loan modifications to help homeowners facing foreclosure. Ocwen early on posted relative success in converting trial loan modifications to permanent ones, in part because it relied on verified income statements from borrowers rather than stated ones. In August 2010, Ocwen enacted a Shared Appreciation Modification (SAM) program that reduces a qualified delinquent borrower's principal to 95% of the home's current market value, but requires the homeowner to later share 25% of the home's appreciation with the investors when the home is eventually sold or refinanced. In 2011, Ocwen reported that it had modified more than 200,000 troubled loans since the mortgage crisis began in the mid-2000s. Altisource spinoff In August 2009, Ocwen completed the distribution of its Ocwen Solutions (OS) line of business via the spinoff of a separate publicly traded company called Altisource (). Ocwen claimed that the Separation has allowed it to focus on its core servicing business and to respond better to initiatives and market challenges. OS consisted of the former unsecured collections business, residential fee-based loan processing businesses and technology platforms as well as the international commercial loan servicing business conducted through Global Servicing Solutions, LLC (GSS) and the equity investment in BMS Holdings (subsequently changed to BHI Liquidation). With the exception of interests in GSS and BMS Holdings, Inc., Ocwen distributed the assets, liabilities, and operations of OS in the spinoff. Altisource specializes in Real Estate Owned (REO) and related business activities. Home Loan Servicing Solutions spinoff Ocwen Financial Corporation spun off Home Loan Servicing Solutions (HLSS) in 2010. Founded by Ocwen Financial Corporation's Executive Chairman William Erbey, HLSS was created to acquire mortgage servicing assets including servicing rights, rights to fees, and other income from servicing loans. In February 2011, HLSS announced its plan for an initial public offering. The company raised $186.2 million in its February 2012 IPO and is traded on NASDAQ. Employees As of September 30, 2018, Ocwen reported as having 6,400 employees worldwide, of which approximately 4,300 are employed in their India operations centers, and 500 in the Philippines. Their operations in India and the Philippines primarily provide internal support services, principally to their loan servicing business and corporate functions. Of their foreign-based employees, more than 80% were engaged in supporting the loan servicing operations as of September 30, 2018. Controversies In July 2002, Kweku Hanson, a Connecticut attorney, initiated a class-action suit